Oil States Industries, a subsidiary of Oil States International (NYSE: OIS), is a global company with manufacturing, service and sales locations in twelve countries. With more than 25 locations around the world, including manufacturing and service hubs in each of the major offshore base’s, we have the infrastructure to support our customers wherever they operate. Our global footprint ensures that we will be there, when our customers need us, with the solution to their most complex challenges. Our integrated solutions include not only hardware but exceptional service our customers can depend on.
Since our inception in 1942 as a regional U.S. manufacturer of elastomer products for the domestic industrial and oilfield markets, Oil States Industries, Inc. has forged a path of innovation and success through our dedication to solving critical challenges for our customers. From the first flexible load bearings for bridges, to the earliest laminated load-bearing products used in buildings, Oil States designed and manufactured a broad range of pioneering elastomer products.
Since those earlier days of our history, we have continued to expand our product lines to meet unique challenges and solve our customers’ most complex problems. From the first elastomer products to complete systems, Oil States has developed a reputation for high quality and reliable products and services. We have built on that foundation of over 70 years of leading-edge technologies to become a major global provider of innovative energy systems and solutions. We will continue to partner with our customers to solve critical problems in the offshore and onshore environments. Together we can meet the challenges of the future.
In 2014, Oil States (UK) Ltd relocated their manufacturing team to a newly constructed 240,000 square foot facility in Heartlands, which sits on 27 acres of land next to the M8 motorway which runs between Edinburgh and Glasgow. Oil States expects that the move to the £40m facility will reduce costs and improve project execution efficiencies.
Background to the Current Opportunity
Acting as a key support to the UK Financial Controller, the business is now looking to find a strong and credible Management Accountant to focus on two key aspects,
- Individual service lines and project related workstreams with a focus on business partnering non-financial stakeholders. This will involve ongoing communication during the month with departments and month end reporting requirements for these areas of the business.
- Supporting the Financial Controller (FC) with completion of the group and UK statutory audits including being an additional point of contact for our auditors.
Critical to the success and development of the of the role will be a candidate who possesses a strong and proactive approach to business partnering and driving both revenue and gross margin of projects. Oil States have come a long way in the past 6 years and the focus on continuous improvement will be high on the agenda as well as ensuring that the quality of detailed and accurate management information for the appropriate senior stakeholders is kept to a high standard.
Key to success
The Management Accountant role requires a professionally qualified accountant (An individual with extensive experience who is not fully qualified would also be considered for the role as well) who possess excellent technical, interpersonal and business partnering skills. It is expected that the individual will already be working in an operational or management accounting role and responsible for producing management accounts within either a manufacturing business or large SME. Ideally with experience in the Oil & Gas or Engineering sectors
Given the amount of varied stakeholder interactions on-site and between other sites, it will be important that the candidate possesses sufficient gravitas to challenge the status-quo and continue to drive positive change within the business, driving positive change is areas particularly around revenue, gross margin and work in progress.
This is an integral role in the business and will be highly visible which requires an individual of the highest calibre. Someone who is organised, has excellent attention to detail and a driven and proactive approach to business partnering would thrive in this position and business.
A summary of the key candidate requirements are as follows:
- Qualified Accountant CA/ACCA/CIMA.
- Advanced user of Excel.
- Extensive experience of coordinating audits including being a key contact for auditors and creation of draft statutory accounts.
- Strong Project Management Accounting skillset, particularly with non-financial stakeholders
- Extensive experience in cost accounting methodologies in a manufacturing or service environment which provide a mix of products.
- Extensive experience in the production of management accounts and associated schedules
- Strong ERP systems experience.
- High level of attention to details in analysing variances within large data sets and understanding root causes.
- Understanding of IFRS, USGAAP and revenue recognition standards
- Enthusiastic and self-starting approach with an ability to work at pace within a high-pressured environment.
- Full driving license
Above all, this person must have an active drive and focus on improving the capabilities of the accounting function and the wider support that it brings to the business as a whole.
The challenge of the Management Accountant will be to produce high quality management accounts on all aspects of the service work streams whilst working at pace in an environment that is constantly evolving to meet the demands of its customers. While at the same time between month ends be a lead in the progression of audit work.
The successful candidate will need to be able to cope with uncertainty, have a problem-solving approach, and add credibility through clear communication to the finance team, leadership team and non-financial stakeholders. Particular focus will be placed upon work in progress, revenue and gross margin results of the business. Key to this role is the ability to interpret financial results through analysis and to clearly communicate key concepts so as to drive improved financial performance of the business. It is desired that technical and business astute judgements should be applied to improve the efficiency and accuracy of key business processes.
Reporting directly to the UK Financial Controller, the successful candidate will be responsible for the following:
- Leading significant areas of the audits including review of field work samples, supporting the creation of the draft statutory accounts and tax pack.
- Accountability for reporting and analysing financial results to gross margin combined with associated balance sheet areas such as; AR, inventory, WIP, job loss provisions, deferred sales etc.
- Seek to record and put in place remediation for out of process errors in processing.
- Identify and explain key margin variances to establish root causes and delve deep to identify any financial lessons learned.
- Recognise revenue and costs in line with contract and revenue standards.
- Take ownership of special revenue recognition types such as percentage of completion reporting.
- Liaise with project and operational managers to ensure accurate reporting and analysis.
- Drive month end cut off routines to ensure all costs are completed within their correct period.
- Ensure that corporate financial reporting requirements are met in a timely and accurate manner with all queries and variances tackled in a detailed manner.
- Feedback operational performances to department/ project managers to enable financial performance improvements to be attained.
- Develop Management Accounting processes to streamline and systemise so that more analysis time may be allowed.
- Support departments as required to ensure all timesheets are included for month end reporting
- Ensure all system entries and estimations have full documentation attached.
- Facilitate reviews of international tax exposures through evaluation of offsite project scopes.
- Preparation of the overtime file for your departments for discussion and review
- Identify and explain key margin variances including root causes for each sales order
- Reconciliation of accrued and deferred revenue once journal posted
- Prepare financial narrative for Sales and COS and explain variances to forecast
- Take ownership of special revenue recognition types such as percentage of completion reporting
- Provide input into backlog reporting for your departments as required
During the month
- Key focus when not month end is supporting the progress of the audits (Group and UK statutory)
- Work with department heads to prepare forecasts for monthly reporting and meetings
- Review and update calculations for any changes obtained from meetings
- Prepare POC calculations as required
- Review accrued and deferred revenue balances during the month for billing or revenue recognition purposes. This includes supporting departments as necessary with conversion of WIP/Unbilled revenue to invoices.
Package on offer
||5% employer pension
||32 days inclusive of public holidays
For more information please contact our retained advisor Daryl Harper at iMultiply on 07809 737 580